Reform and Progressivism part 2

Reform and Progressivism part 2 -...

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Reform and Progressivism, Part 2 17:52 1. Wilson and Reform: Wilson won election of 1912 by a majority. Democrats now control both houses         Underwood Act (1913) first tariff reduction since civil war (1860). With reduction of tariffs, this means a reduction in federal revenue. So Woodrow next  passes a bill for income tax to make up for this lack of revenue. Higher income=higher  income tax rate, highest rate charged was 6%         Federal Reserve Act (1913) financial reform. Creates federal reserve board and the whole federal reserve system. System of banks, 12 banks in U.S. Each bank has its own district.  Making money more accessible to everyone. Controls interest rates and so on. . Makes banking industry more equitable.         Federal Trade Commission commission of 5 commissioners who investigate and enforce trust laws          Clayton Act (1914)
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Reform and Progressivism part 2 -...

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